Land Development
Symmes bought 311,682 acres (1,261.33 km2) from the Congress in 1788. President George Washington signed the patent on October 30, 1794 conveying to Symmes 248,250 acres (1,005 km²) plus a surveying township of 23,040 acres (93 km²), in trust, for an academy. This land was known as the Symmes Purchase, and was the cause of considerable controversy in his lifetime and after. The purchase price was $225,000, and was paid in notes issued by the Congress to raise money during the war. There is no doubt that a considerable part of this amount came from Symmes in the first place as he lent most of his own money to the revolution.
There were other investors who served as partners in the transaction. There is also no doubt that some of these notes were purchased from other holders, probably at a discount. This was before the rampant speculation in these notes that happened a few years later, but is still questionable.
There were also disputes about the actual boundaries of the purchase and the quality of surveying and validity of titles. In the last years of his life, he spent a great deal of time in court, defending himself from claims.
Read more about this topic: John Cleves Symmes
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